Over the last five or 6 years …How To Check Paye Codes Are Correct In Papaya Global… functions on the company side and also on the vendor side from a payroll viewpoint so really looking forward to this conversation today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll just give everybody another couple of uh well among the 30 seconds approximately to join we all work back to back these days so we’ll sort of let them do that so it ‘d be rather fascinating and I can see it going on currently just to hear where everyone is um it’s nice to to type of like see where everybody originates from and I actually do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s really extremely dreary and I wish I was elsewhere at this moment in time fine so let’s begin our agenda for today is as follows um we are going to be looking at the obstacle years of handling Global payroll why companies maintain separate
bank accounts payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments anticipating payroll costs using virtual payroll accounts simplifying papaya Worldwide payroll payments as a tactical property uh we’ll also discuss a recap and that must leave his time at the really extremely end for a q a session so as the title of the webinar recommends payroll execs on transferring to Virtual payroll accounts and here is why as dispersed to remote and Worldwide labor forces end up being more and more common and handling them ends up being increasingly more intricate Worldwide companies are seeking to find Solutions and brand-new ways to streamline processes particularly from a payroll and cross-border payment viewpoint lots of companies maintain separate savings account just for payroll while some have several accounts in various nations does it make sense for companies to maintain separate bank accounts sometimes in different nations it does but just for payroll exists a better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international business streamline the episode complex processes of
making payroll payments accurately efficiently securely and on time during this webinar we’ll stroll you through the worldwide benefits and drawbacks of a payroll wallet versus a payroll savings account how companies accurately anticipate their payroll costs to increase working capital and how streamlining Global payroll payments can turn them from a siled pane into a strategic property so payroll can be hard in enough in one country however when you’re doing it worldwide it’s next level and Beyond it becomes complex for a range of reasons most notably regulations compliance data security and banking rules then there are the sheer numbers they include additional complexity the worldwide Labor force is presently 3 and a half billion individuals by 2030 it’s approximated that in Africa alone they will contribute and further 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million services and growing all doing their own thing around the world in the conventional payroll model there’s often an overwhelming number of different systems causing lengthy manual processes and silos the variety of Integrations could be non-existent in large amounts and or very very fundamental there’s no real consistency framework we’re living in an age of tech however payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand often with pen and paper and that simply blows my mind every time I I think
about it to offer you an idea of how far there still is to come according to Deloitte just 11 of companies state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather frankly the more a service invests in worldwide payroll the less of a photo they see an absence of exposure likewise extends to payroll payments and failure to accurately track these payments can result in compliance mishaps in the last mile of the deal almost half of worldwide companies have actually revealed that they don’t have the level of standardization they need in their processes or desire and as a result eighty percent of errors are because of time reporting poor HCM data data entry mistakes improperly interacted hires and terminations along with lack management and system setups and then when you round all of it off and the information is delivered to the incorrect place the typical expense of a global data breach at this moment is 3.9 billion dollars once payrolls are done we still require to move the money around the globe payroll and payments do not run efficiently if they count on the needed several procedures systems and partners it is just not possible so Johnny from a payments perspective and in your experience what else needs to be factored into the difficulties company face when they’re paying to employees or otherwise that’s a good question I always throw this back and say what is it what does not require to be included ideal and what does
it need to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment time frames there’s payment capabilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s complexity anywhere you look best eventually building a knowledge base is absolutely important but everywhere you look with payroll payment they resemble extremely payments no if but some infants about it you are all superheroes processing payments for payroll if you take a look at the kind of link between fintech and payroll it’s closer than ever I believe there’s now a bit more recognition that payroll payments are absolutely essential and technology is permitting us to kind of move on with that it likewise as well to add to that payroll and finance require to work closer together um with differing Checking account Particulars varying banking requirements and setup processes is definitely crucial that payroll and financing groups work closer together than ever um I’m always amazed when individuals say I’ve split payroll and payment um if you stroll down the street and asked anybody what is payroll who does not operate in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of information collection all the way through to paying people any place they are however also paying statutory authorities and on statutory 3rd parties so with the
world we live in and well-being being more and more essential to add to sort of the level of complexity there’s increasingly more advantages being organ or being used by businesses throughout the world so once again you’re simply wanting to add more and more payments to this already intricate landscape so if you sort of got any experience well I’m from your large experience here and I make sure however have you got any experience in kind of genuine difficulties or real difficult kind of pay utilizes to play to pay individuals I believe yeah I indicate over the last well yeah a number of years I would definitely state that the bigger a company gets the more it tends to segregate the payroll and the payments operates um there are groups doing one part of the task there are groups feeding info into the next function as it were that’s in fact handling the payment side of things but you know in in my opinion and my experience that does not necessarily need to be the case you understand long gone are the times where we require to create additional handoffs in the processes that we operate in they just make them more prompt they make them less effective and they don’t make them what they require to be in in an age of tech and an age that you know that we are operating in today there is no reason that we are still making this as hard as it needs to be agreed and appropriately as you said payroll is the single greatest liability that any company has from a cost perspective from an impact perspective on employees it is absolutely critical that it’s done properly and on time so what we mean by that is not a day before not a day after on pay day and payments have to be done right it has the most significant harmful impact on people’s well-being and numerous other factors if people aren’t paid uh I have actually always been amazed entering this Market type of the last five to ten years is how little thanks the
payroll group get um so I’m uncertain anybody on this type of webinar has actually been told thank you for processing my payroll correctly if you have it ‘d be fantastic to hear your success story and whether that’s been from all staff members or not um but ultimately payroll is such an essential cycle all of us become aware of it when it goes wrong everyone jumps up and down when it fails but when it goes right it’s just a tick box exercise and I believe that’s how it’s seen from the external consider as well um so yeah it’s likewise like why WI-Fi Global why all of this things is definitely vital that all of this things is done properly so leveraging the very first Worldwide Payments first payroll payment service is an excellent initial step um offering an end-to-end payroll solution for your employees worldwide again I believe is another big um procedure again lining up and ensuring you have standardization Global procedures all of those things are definitely crucial to success success of companies and lowering the number of tools platforms and checking account they require for their Global payroll too couldn’t agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never had a hundred countless them within a payroll cycle don’t anticipate to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things have not gone quite where they’re indicated to be um I do not think any of us are in fact doing that for for the thanks
anyhow we know how how essential a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those procedures and also so imagine sorry I’m simply I was just gon na say envision the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions think of getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see how many Post-it notes you got however it would definitely be an interesting task trying to clean up all those up for sure oh definitely I can’t envision the size of my my Outlook inbox if that was the case um you ‘d need days of the week to try to check out them and really see what was going on and kind of shot to get back to everyone so carrying on look why do companies pick to primary different bank accounts there are How To Check Paye Codes Are Correct In Papaya Global services out there doing precisely this for particular nations and I have actually operated in a company or lots of organizations doing precisely that I can say it doesn’t always feel efficient and it does produce more work I know we’re not deliberately doing that we’re not creating extra work for anybody where we do not have to and anyone that’s handling that process I ‘d be interested to hear your ideas Johnny why do you think that we’re doing that in in the in the amount that we are I think many factors one is it’s the requirement I believe people have actually got so utilized to we need a brand-new checking account we open an entity and appropriately so you require it for payroll purposes however there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have embraced and continue to do over years and years gone past to add to that individuals have actually looked at things like trust accounts and numerous other ways um to to sort of do it so I think there’s a variety I think this is a process that requires taking a look at it needs altering but ultimately individuals are extremely stuck with what they’re familiar
with best um modification is a difficult thing all of us don’t like change um so I think it’s just kind of moving away from the norm as we’ve said so yeah so it keeps a lot of track of stuff um I comprehend certainly the advantages of having maintaining numerous savings account however there’s a substantial quantity of complexity opts for establishing a checking account maintaining it guaranteeing it can send out International transfers guaranteeing it’s set up with the best user accesses for individual individuals so the intricacy is substantial however I believe the sincere answer is modification um people haven’t had the ability to change or haven’t had always the knowledge to really make that change into alternate Solutions besides opening a savings account I believe you’ve hit the nail on the head I believe it is knowledge you know and there is a component of resistance to change but we’ve always done it that way is no genuine excuse for not looking at the the benefits and the possibilities of moving on and moving into you know what could practically be identified to be the next Century or so there is a lot to keep track of and this method does present a number of obstacles um so Johnny could you tell us about those obstacles yeah naturally so there’s a range right there is so
I just did you changed our Business to OS so now we can do our payroll and payments operation on a single platform yes it resembles our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Worldwide workers you are worthy of a corner workplace with a closer parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you How To Check Paye Codes Are Correct In Papaya Global